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Please solve ASAP, thank you :) Friendly College is a small, privately supported liberal arts college. The college uses a fund structure; however, it prepares
Please solve ASAP, thank you :)
Friendly College is a small, privately supported liberal arts college. The college uses a fund structure; however, it prepares its financial statements in conformance with ASC 958. Partial balance sheet information as of June 30,202, follows: The following transactions occurred during the fiscal year ended June 30,203 : 1. Recelved a glft of $100,000 on July 7,202, from an alumnus who stipulated that half the glft be restricted to purchase books for the university library and the remainder be used to establish an endowed scholarship fund. The alumnus further requested that the income generated by the scholarship fund be used annually to award a scholarship to a quallfied disadvantaged student. On July 20,202, the board of trustees resolved that the funds of the newly established scholarship endowment fund would be invested in savings certificates and purchased them on July 21,202. 2. Collected $1,900,000 of revenue from student tuition and fees applicable to the year ended June 30,203. Of this amount, $66,000 was collected in the prior year, and $1,686,000 was collected during the year ended June 30,203. In addition, on June 30,203, the college had recelved cash of $158,000 representing deferred revenue fees for the session beginning July 1,203. 3. Collected $349,000 of outstanding accounts recelvable at the beginning of the year ended June 30,203. The balance was determined to be uncollectible and was written off against the allowance account, which on June 30,203, was increased by $3,000 to $11,000. 4. Earned and collected interest charges of $6,000 on late student fee payments during the year. 5. Recelved the state appropriation during the year. The state made an additional unrestricted appropriation of $50,000 but had not pard the college as of June 30,203. 6. Recelved an unrestricted glift of $25,000 cash from college alumni. 7. Sold restricted investments of $21,000 for $26,000 during the year and received temporarily restricted investment interest income amounting to $1,900. 8. Recorded unrestricted operating expenses of $1,777,000 during the year, not including year-end accruals or transfers from other categories of net assets. On June 30,203,$59,000 of these expenses remained unpaid. 9. Had restricted current funds of $13,000 released and spent them for authorized operating purposes during the year. 10. Pard the accounts payable on June 30,202, during the year. 11. Earned and recelved during the year $7,000 interest on the savings certficates purchased in accordance with the board of trustees' resolutions as discussed in transaction 1 . a. Prepare a comparative balance sheet for Friendly College as of June 30,202, and June 30,203. Prepare a statement of activitles for Friendly College for the year ended June 30,203. Note: Negatlve amounts and amounts to be deducted should be Indlcated by minus signStep by Step Solution
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